Cairo – Mubasher: Faisal Islamic Bank of Egypt on Tuesday reported its consolidated results for the first quarter of 2017, registering a year-on-year increase in profits of 52% on the back of higher returns and sales.
The Islamic bank logged EGP 469.3 million in profits in the first three months of the year, up from EGP 309.8 million for Q1-16, including minor shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).
Net income from revenues rose to EGP 1.2 billion in Q1-17, from EGP 772.2 million in the same period last year, Faisal Islamic Bank said in a statement.
Preliminary financial indicators published on 18 April expected profits of EGP 439.7 million for the three-month period ended 31 March 2017, up from EGP 274.8 million for Q1-16, excluding minority shareholders’ rights.
Faisal Islamic Bank had previously reported EGP 2.9 billion in profits for the full year 2016, registering a rise of 271% from EGP 781.9 million achieved in 2015.
The bank’s stock closed Sunday up 6.38% to EGP 17.98, following a turnover of EGP 2.05 billion.
